National Grid, KeySpan reach deal with NY agency over merger

GabrielMadway

SAN FRANCISCO (MarketWatch) -- National Grid Plc
NGG, +0.66%NG., +1.17%
and KeySpan Corp.
519421, +0.93%
said Monday they have reached agreement with the staff of the New York State Department of Public Service and other parties on National Grid's acquisition of KeySpan. The companies said the agreement focuses primarily on the delivery rate portion of a customer's bill. For KeySpan customers in New York City, the proposal calls for a freeze on base gas delivery rates through 2012, while on Long Island, the agreement calls for a one-time increase of $60 million in gas revenues. The agreement will be considered on Aug. 22 at the New York Public Service Commission meeting. The National Gird-KeySpan merger agreement was announced in February of 2006.

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